SABB 2017 net profit up 1.5pc to top $1bn

21/02/2018 07:11 AST

The Saudi British Bank (SABB) recorded a net profit of SR3.955 billion ($1.05 billion) for 2017, as against a net profit of SR3.895 billion for the previous year, marking an increase of 1.5 per cent.

SABB recorded a net profit of SR706 million for the three months ended 31 December 2017, a decrease of SR377 million or 34.8 per cent compared to the three months ended 30 September 2017 of SR1,083 million.

Operating income reached SR7.127 billion for the year ended 31 December 2017, an increase of SR218 million, or 3.2 per cent, compared to SR6.909 billion for the year 2016.

The bank reported loans and advances of SR117.0 billion at 31 December 2017, a decrease of SR4.0 billion, or 3.3 per cent, from SR121.0 billion at 31 December 2016.

Customers' deposits stood SR140.2 billion at 31 December 2017, a decrease of SR0.4 billion, or 0.3 per cent, compared with SR140.6 billion at 31 December 2016.

The bank's investments reached SR27.0 billion at 31 December 2017, a decrease of SR2.3 billion, or 7.8 per cent, from SR29.3 billion at 31 December 2016.

SABB recorded total assets of SR187.6 billion at 31 December 2017, an increase of SR1.5 billion, or 0.8 per cent from SR186.1 billion at 31 December 2016.

Earnings per share is SR2.64 compared to SR2.60 for the year 2016.

Sheikh Khaled Olayan, chairman of SABB, said: "During 2017 SABB delivered resilient returns and increased the distribution to shareholders under challenging economic conditions. The SABB Board and its management team has been focused on supporting our customers and the nation's economic transformation agenda. The Bank remains highly liquid with strong capital, stable funding and a uniquely valuable franchise as the leading international bank in the Kingdom."

"I would like to thank our customers, staff and shareholders for their support and commitment. I would also like to express my sincere thanks and appreciation to our regulators and government ministries for their continued guidance and vision," he added.

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